The crash of 2008 infused our societies with enormous skepticism of government and central bank authority. Naturally, many dream of a currency that politicians and bankers cannot manipulate. Bitcoin has emerged as the great white hope of something of the sort. Alas, that hope is false.
For the past two years, a new kind of digital currency has been gaining in popularity. Bitcoin is used to make supposedly anonymous direct transactions between buyers and sellers of goods and services online all over the world, without the oversight of ... (more)